FUG Pensions Targets N500bn Assets

• FUG Pensions Targets N500bn Assets

Future Unity Glanvills Pensions Limited has said it hopes to grow its assets to N500bn in its medium-term strategic plan.

According to a statement obtained from the firm, the Managing Director/Chief Executive Officer, FUG Pensions, Mr. Usman Suleiman, disclosed this during an event to mark the 10th anniversary of the company in Lagos.

“The company has put in place short, medium and long-term strategic plans that would see the firm grow its portfolio in assets under management to N120bn by 2019 and N500bn within the next seven years of its medium-term operation,” he said.

To drive its expansion programme, the managing director added that the company had commenced discussions with some Pension Funds Administrators with a view to acquiring one to actualise its expansion plans.

He said the last 10 years of the firm’s operation was challenging given the fact that the company came into the market as one of the late entrants.

With resilience, zeal, perseverance and hard work on the part of the employees as well as confidence and support of the board and shareholders, FUG Pensions had grown to be one of the notable PFAs in the marketplace.

The Chairman of the company, Mr. Farouk Yola, who noted that the 10th anniversary was remarkable in the history of the company, said the journey was challenging for FUG Pensions.

He said that out of 27 PFAs licensed by the National Pension Commission within the period under review, six had either merged or been acquired and that among those still operating, few had survived in their original form.

Though FUG Pensions was one of the late entrants into the industry, he said it had been able to weather the storm with over 120,000 Retirement Savings Account holders.

Yola added that efficient and effective system and structure put in place by the board and management had earned the company an internationally acclaimed ISO certification in Quality Management System in 2016.